Whilst the US is lashed by the biggest storm in 70 years, markets over in this part of the globe seem to be celebrating but I’m sure these two events are not connected!
However for now the rallies do count as the corrective ones I have been talking about and how many of you remember the hurricane over here in 1987 and what came next?
No overall change of opinion today and the case that we have seen key peaks remains. But we are due a bounce and it cannot be ruled out that these are just corrective moves doing everything they can to convince us they are anything but.
The US election gets closer every day and is due on 6th November and this is clearly a key event. Watching the debates between Romney and Obama the key feature to me was how often they called their opponents a liar, although they dressed it up a little more carefully.
It seems bizarre with all the information around today that they can get away with this – but maybe it does not matter to the voters, maybe it is simply about how well the candidates perform – on TV!
The real world may not be so important. It is certainly true that Obama was dealt a tough hand. The US election cycle is, in one sense, a game of pass the parcel and it exploded once Obama got hold of it!